Dow closes at a record high of 12,803.84
19 Apr 2007
New York: Leading blue chip index, the Dow Jones Industrial Average (DJIA) climbed to a record closing high Wednesday, above 12,800, for the first time on the back of upbeat earnings. The benchmark Dow index rose 30.80 points (0.24 percent) to 12,803.84, going above its prrvious all-time closing high of 12,786.64 achieved on February 20.
The broad-market Standard and Poor''s 500 index closed at 1,472.50, up by 1.02 points (0.07 percent).
Technology stocks, however, did not fare so well with the tech-rich Nasdaq composite index closing down 6.45 points (0.26 percent) at 2,510.50.
Analysts said a better-than-forecast first quarter profit report from Wall Street banking giant JP Morgan Chase helped boost the Dow. JP Morgan Chase said its quarterly profits went up 55 per cent to $4.8 billion. JP Morgan Chase was joined by conglomerate United Technologies, whose profits also bested Wall Street expectations, further adding to an uplift in investor sentiment.
JPMorgan Chase, which is vying to expand its US retail presence, also reported that its revenues swelled 25 per cent to almost 19 billion dollars.
Slower earnings from Internet-search giant Yahoo weighed down sentiment at Nasdaq. The Internet bellwether, Yahoo, said its first quarter net profits slowed just over 11 per cent to $142.4 million, mainly due to a rise in operating costs.
Despite
lingering concerns about the slowing US economy, and a
housing slump, the Dow has shown a marked uplift in sentiment
with first quarter earnings season results cheering investors
so far.
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